StockMarketWire.com - East Africa-focused gold producer Shanta Gold posted a rise in second-quarter earnings after it boosted production while gold prices were strong.
Adjusted earnings before interest, tax, depreciation and amortisation for the three months through June rose to $19.4m, up from $15.0m in the first quarter.
Shanta achieved an average realised gold price of $1,663 per ounce, up from $1,414 in the first quarter.
Production rose to 22,216 ounces, up from 20,167 ounces, and the company stuck to full-year output guidance of 80,000 - 85,000 ounces.
Net cash was $2.1m at 30 June.
'Shanta enters a new chapter with a net cash position, completing a period of enormous deleveraging,' chief executive Eric Zurrin said.
At 9:34am: [LON:SHG] Shanta Gold Ltd share price was +1.26p at 15.88p
Story provided by StockMarketWire.com
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